Altcoins This Week: US Chamber Of Commerce Wants Clarity On ICO Regulations, Altcoin Prices And More

Today on Altcoins This Week we discuss the recent request by the US Chamber of Commerce in regards to ICO regulations, we analyze Altcoin Prices And More.

Tezos Foundation To Be Audited By PWC Switzerland

The Tezos Foundation announced this week that it has invited PriceWaterHouseCoopers Switzerland to audit its finances and operations. Tezos is the first large blockchain organization to be accepted as a client of one of the Big Four global auditing firms.

In its announcement, Tezos said its decision was prompted by its commitment toward “operating with the highest degree of integrity” in its support of the “Tezos protocol, ecosystem and community”. Last month, the Foundation unveiled the beta version of its network but has made headlines over the past few months for being the subject of several lawsuits regarding its ICO, which raised a then-record $232 million. It is hoped that by announcing it will be audited by an internationally respected firm, the Foundation will allay some of the concerns of its large community.

Gibraltar Digital Asset Exchange Ready To Rock

The Gibraltar Blockchain Exchange (GBX) is up and running and accepting fiat currencies for trading. The platform has announced three fiat/crypto trading pairs: USD to Ether, USD to Bitcoin, and USD to RKT. In case you are wondering, RKT is Rock, the native token of the platform. There is no indication, unfortunately, that the token is in any way related to former wrestler Dwayne Johnson.

The overseas British dependency, which will be a tiny Non-EU territory in a couple of years, is “open for business” according to GBX CEO Nick Cowan. Traders who register with the platform before the 17th of August will enjoy zero-fee transactions until the 14th of September. As a further inducement, GBX will shortly unveil details of an “exclusive trading competition” with a prize pool of one million Rocks. That’s around $80,000.

ProtonMail ICO Rumored Following Job Ad

Privacy email platform ProtonMail looks set to launch an ICO. The move appears to have been confirmed by CTO Bart Butler in response to a disgruntled ProtonMail user who tweeted his disapproval of the move. However, Butler was quick to clarify that the plan was “not set in stone yet”.

The rumors were fueled by an advertisement for a full-time “blockchain developer” that was published on the ProtonMail website earlier in the week. However, a website for ProtonCoin has been live since June, and the company acknowledged on Reddit last March that it may pursue a cryptocurrency to raise funds. But with no details available so far about the ICO, ProtonMail’s million-plus users will, like the rest of us, have to wait and see.

US Chamber of Commerce Wants Clarity on ICO Regulations

One organization that is watching ICOs closely is the US Chamber of Commerce. In a position paper published ahead of its Fintech Innovation Initiative last week, the influential lobbyists called for clarity from the SEC about the regulatory position of ICOs. It was gently critical of the SEC and CFTC, the regulators of the securities and commodities in the US, calling for critical action on the issue.

The speed of technological innovation has caught the regulators flat-footed, it said, with regulation often lagging behind technological advances. Urgent action should be taken “so regulatory hurdles do not become a barrier to entry.” It urged the SEC to “expand the definition of accredited investors to include those with experience or educational backgrounds that demonstrate subject matter expertise to broaden smaller-dollar, main street investments.”

A Week Of Steady Gains For Altcoins

Ether (ETH) made steady gains this week but failed to pass the $500 mark it achieved last week. It opened on Monday at just under $460 and hovered around the mid-four-hundreds until reaching a high of $481 on Tuesday and saw out midweek trading at around the $470 mark. XRP had an unspectacular half-week, opening Monday at $0.449, but failing to make this price again, falling back to $0.46 for most of Tuesday and Wednesday, then reaching as low as $0.43 for a time on Tuesday. Bitcoin Cash (BCH) bounced from its opening $789 to reach a high of $871 on Tuesday before sliding back somewhat to $830 on Wednesday. EOS opened on Monday trading at $7.88 and reached $8.62 on Tuesday, and then $8.84 early on Wednesday. Stellar (XLM) continues to impress, opening at $0.28 on Monday and passing through the $0.30 mark on Tuesday before gaining again to $0.32 on Wednesday. To see current prices click here.

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